Significant Increase in Net Income
Net income for the third quarter was $22.1 million or $0.73 per diluted share, a substantial increase from $15.1 million or $0.50 per share in the second quarter.
Strong Loan Production Growth
Total loans increased to $6.53 billion, up 3.5% on a linked quarter basis, with loan production rising 73% to $571 million.
Improved Net Interest Margin
Net interest margin expanded by 15 basis points to 3.22% due to higher average yields on loans and lower funding costs.
Decrease in Credit Loss Expense
Credit loss expense dropped by $5.5 million quarter over quarter, leading to net loan recoveries of $500,000 for the third quarter.
Successful Expansion of the USKC Initiative
USKC loan balances increased by 8.2% to $910 million, and deposit balances for USKC customers increased by 9.5%, exceeding $1 billion for the first time.